HALF YEARLY INFORMATION CORRESPONDING TO: HALF YEAR PERIOD: 1 YEAR: 2004

G1 Security Reference GENERAL VERSION 3.2.2 HALF YEARLY INFORMATION CORRESPONDING TO: HALF YEAR PERIOD: 1 YEAR: 2004 I. COMPANY IDENTIFICATION Company Name: Abengoa, S.A. Company Address: Avda. De la Buhaira, 2 41018 Seville Tax ID Code (CIF): A41002288 People responsible for this information who represent the company, their roles and identification of their powers or authorisations: Mr Miguel Ángel JiménezVelasco Mazarío. General Secretary. Mr Manuel Aguilar García, power of attorney dated 10/02/1997, Registered notary of Seville under number 316. Signed: CONTENTS OF HALF YEARLY REPORT (mark those included with an ) Individual Consolidated I. Company Identification 0010 II. Changes to the Consolidated Group 0020 III. Basis of presentation and valuation 0030 assumptions IV. Balance sheet 0040 V. Profit & loss account 0050 VI. Breakdown of Net Revenues by activity 0060 VII. Number of personnel 0070 VIII. Business performance 0080 I. Distributed dividends 0090. Relevant facts 0100 I. Explanatory Annex of relevant facts 0110 II. Auditors' special report 0120

G2 II. VARIATION IN COMPANIES FORMING PART OF THE CONSOLIDATED GROUP (19) Companies being incorporated into the consolidation: Company name Reason Holding Shareholding company Agua y Gestión de Servicios Befesa Medio Ambiente (18,00%), Codesa (1) 36,0% Ambientales, S.A. (18,00%) Aznalcóllar Solar, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Centro Tecnológico Palmas Altas, S.A. (2) 100,0% Abengoa, S.A. (99,99%), Abeinsa (0,01%) Construcciones y Depuraciones, S.A. (1) 100,0% Befesa Construcción y Tecnología Ambiental, S.A. Copero Solar Huerta Dos, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Copero Solar Huerta Tres, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Copero Solar Huerta Uno, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Copero Solar, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Gestión de Residuos del Cerrato, S.L. (1) 100,0% Befesa Gestión de Residuos Industriales, S.L. IC Sistemas, S.A. (1) 100,0% Telvent GIT, S.A. Solar Processes, S.A. (2) 100,0% Solúcar Energía, S.A.(99,99%), Inabensa, Solnova Electricidad, S.A. (2) 100,0% S.A. (0,01%) Solúcar Energía, S.A.(99,99%), Inabensa, S.A. (0,01%) Telvent Corporation, S.L. (2) 100,0% Abengoa, S.A. (99,99%), Siema (0,01%) Telvent Investment, S.L. (2) 100,0% Telvent Corporation, S.L. Companies being excluded from the consolidation : Company name Reason Holding Shareholding company Ecomat Fabricación de Equipos, S.L. (3) 100,0% Ecomat, S.L. NAP de la Américas Madrid, S.A. (3) 20,0% Telvent GIT, S.A. SdemInabensa, S.A. (4) 50,0% Instalaciones Inabensa, S.A. Teytel S.A. (3) 100,0% Teyma Abengoa, S.A. Reasons (1) Acquisition of shareholding. (2) Constitution of company. (3) Disposal of shareholding. (4) Dissolution of company.

G2b III. BASIS OF PRESENTATION AND VALUATION ASSUMPTIONS (In the drafting of financial or accounting type data or information included in this periodically published data, the valuation rules and principles and accounting criteria specified under prevailing legislation for the drafting of financial or accounting information, must be applied to the drafting of the annual accounts and interim financial statements corresponding to the sector to which the company belongs. If exceptionally, the generally accepted accounting principles and criteria required under the corresponding prevailing legislation are not applied to data and information attached, this fact must be stated and sufficiently justified, explaining the impact that the nonapplication may have on the equity, financial status and the financial results of the company or its consolidated group. Furthermore, and with a similar scope to the previous point, any modifications that may have occurred to the accounting criteria used in the drafting of the attached information, in relation to the last audited annual accounts, as appropriate, must be stated and explained. If the same accounting principles, criteria and policies used in the last annual accounts have been applied and if they correspond to that specified under prevailing accounting legislation that applies to the company, it must be expressly stated)..the same accounting principles, criteria and policies used in the last annual accounts have been applied for the preparation of this information, and they correspond to that specified under prevailing accounting legislation that applies to the company.

G3 IV. INDIVIDUAL COMPANY BALANCE SHEET Units: Thousands of Euros ASSETS CURRENT YEAR PREVIOUS YEAR A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL 0200 0 0 I. Start up expenses 0210 661 1.183 II. Intangible assets 0220 1.039 1.074 II.1. Rights on leased assets 0221 0 0 II.2. Other intangible assets 0222 1.039 1.074 III. Tangible fixed assets 0230 15.475 15.672 IV. Long term financial investments 0240 327.763 327.467 V. Long term treasury stock 0250 0 VI. Long term operating receivables 0255 0 B) FIED AND OTHER NON CURRENT ASSETS (1) 0260 344.938 345.396 C) DEFERRED CHARGES (2) 0280 4.537 5.385 I. Due from shareholders for capital called 0290 0 0 II. Stocks 0300 13.571 0 III. Accounts receivable 0310 53.525 19.655 IV. Short term financial investments 0320 512.883 527.345 V. Short term treasury stock 0330 0 0 VI. Cash 0340 52.410 9.232 VII. Accrual Accounts 0350 2.800 3.309 D) CURRENT ASSETS 0360 635.189 559.541 TOTAL ASSETS ( A + B + C + D) 0370 984.664 910.322 LIABILITIES CURRENT YEAR PREVIOUS YEAR I. Capital stock 0500 22.617 22.617 II. Reserves 0510 226.302 225.628 III. Prior year's income (loss) 0520 0 0 IV. Profit for the year 0530 4.575 7.480 V. Interim dividend paid during the year 0550 0 0 A) SHAREHOLDERS' EQUITY 0560 253.494 255.725 B) DEFERRED REVENUES (3) 0590 0 0 C) PROVISIONS FOR CONTINGENCIES AND EPENSES 0600 0 0 I. Debentures and other marketable securities 0610 0 0 II. Payable to credit entities 0615 500.000 500.000

III. Payable to group and associated companies 0620 90 4.759 IV. Long term operating payables 0625 0 0 V. Other long term accounts payable 0630 129 280 D) LONG TERM DEBT 0640 500.219 505.039 I. Debentures and other marketable securities 0650 0 0 II. Payable to credit entities 0655 18.650 6.548 III. Payable to group and associated companies 0660 158.024 120.548 IV. Trade accounts payable 0665 30.594 2.806 V. Other short term accounts payable 0670 23.683 19.656 VI. Accrual accounts 0680 0 0 E) CURRENT LIABILITIES (4) 0690 230.951 149.558 F) PROVISIONS FOR SHORT TERM EPENSES AND CONTINGENCIES TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES ( A + B + C + D + E + F) 0695 0 0 0700 984.664 910.322

G4 V. INDIVIDUAL COMPANY RESULTS CURRENT YEAR PREVIOUS YEAR Units: Thousands of Euros Amount % Amount % + Net Revenue (5) 0800 0 0 + Other revenue (6) 0810 8.941 9.029 +/ Variation in stocks, finished products and work in 0820 4.250 0 progress = TOTAL PRODUCTION VALUE 0830 13.191 9.029 Net purchases 0840 3.448 0 +/ Variation in goods for resale, raw materials and 0850 0 0 other consumables. External and operating expenses (7) 0860 5.133 3.842 = ADJUSTED VALUE ADDED 0870 4.610 5.187 +/ Other expenses and revenue (8) 0880 0 0 Personnel expenses 0890 2.248 2.714 = GROSS OPERATING PROFIT 0900 2.362 2.473 Period depreciation and amortisation 0910 543 565 Provision to the reversion reserves 0915 0 0 +/ Variation in current asset provisions (9) 0920 0 0 = NET OPERATING PROFIT 0930 1.819 1.908 + Revenues from financial investments 0940 20.103 23.423 Interest charges 0950 12.276 13.581 + Interest and capitalised exchange gains/losses 0960 0 0 +/ Period depreciation and Financial investment 0970 4.185 0 provisions (10) = PROFIT FROM ORDINARY ACTIVITIES 1020 5.461 11.750 +/ Loss on intangible assets, tangible fixed assets and 1021 1.577 243 control portfolio (11) +/ Variation in provisions for intangible assets, 1023 0 0 tangible fixed assets and control portfolio (12) +/ Profit/loss on transactions with treasury stock and 1025 0 0 own debentures (13) +/ Prior years' income (loss) (14) 1026 0 0

+/ Other extraordinary profit (15) 1030 0 0 = PROFIT BEFORE TAES 1040 7.038 11.507 +/ Corporate income tax and other taxes 1042 2.463 4.027 = PROFIT FOR THE YEAR 1044 4.575 7.480

G5 IV. CONSOLIDATED GROUP BALANCE SHEET Units: Thousands of Euro ASSETS CURRENT YEAR PREVIOUS YEAR A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL 1200 0 0 I. Start up expenses 1210 11.590 16.329 II. Intangible assets 1220 77.035 71.875 II.1 Rights on leased assets 1221 32.306 29.998. II.2. Other intangible assets 1222 44.729 41.877 III. Tangible fixed assets 1230 737.381 638.273 IV. Long term financial investments 1240 140.448 138.013 V. Long term treasury stock of the controlling company 1250 0 0 VI. Long term operating receivables 1255 0 0 B) FIED AND OTHER NON CURRENT ASSETS (1) 1260 966.454 864.490 C) CONSOLIDATED GOODWILL 1270 311.468 319.130 D) DEFERRED CHARGES (2) 1280 12.627 23.802 I. Due from shareholders for capital called 1290 0 0 II. Stocks 1300 233.191 222.026 III. Accounts receivable 1310 590.918 547.321 IV. Short term financial investments 1320 235.977 174.615 V. Short term treasury stock of the controlling company 1330 0 0 VI. Cash 1340 182.865 151.979 VII Accrual Accounts 1350 8.604 10.099. E) CURRENT ASSETS 1360 1.251.555 1.106.040 TOTAL ASSETS ( A + B + C + D + E) 1370 2.542.104 2.313.462 LIABILITIES CURRENT YEAR PREVIOUS YEAR I. Capital stock 1500 22.617 22.617 II. Controlling company reserves 1510 226.303 225.628 III. Consolidated companies' reserves (16) 1520 125.185 88.188 IV. Translation differences (17) 1530 50.795 40.629 V. Profits attributable to controlling company 1540 21.845 21.653 VI. Interim dividend paid during the year 1550 0 0 A) SHAREHOLDERS' EQUITY 1560 345.155 317.457

B) ETERNAL SHAREHOLDERS 1570 65.905 36.937 C) LOSS FROM CONSOLIDATION 1580 156 0 D) DEFERRED REVENUES (3) 1590 82.880 85.428 E) PROVISIONS FOR CONTINGENCIES AND EPENSES 1600 48.990 27.509 I. Debentures and other marketable securities 1610 0 0 II. Payable to credit entities 1615 540.731 554.289 III. Long term operating payables 1625 0 0 IV. Other long term accounts payable 1630 272.189 222.221 F) LONG TERM DEBT 1640 812.920 776.510 I. Debentures and other marketable securities 1650 0 0 II. Payable to credit entities 1655 78.265 69.527 III. Trade accounts payable 1665 750.373 726.710 IV. Other short term accounts payable 1670 355.491 266.377 V. Accrual accounts 1680 1.969 7.007 G) CURRENT LIABILITIES (4) 1690 1.186.098 1.069.621 H) PROVISIONS FOR SHORT TERM EPENSES AND CONTINGENCIES TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES ( A + B + C + D + E + F + G + H) 1695 0 0 1700 2.542.104 2.313.462

G5 (2) Current Year Previous Year BREAKDOWN OF OTHER LONGTERM LIABILITIES Financing without Recourse Applied to Projects 166.943 152.676 Others Longterm Liabilities 105.246 69.545 272.189 222.221 BREADKDOWN OF OTHER SHORTTERM LIABILITIES Financing without Recourse Applied to Projects 176.788 130.573 Others Shortterm Liabilities 178.703 135.804 355.491 266.377 BREAKDOWN OF INTANGIBLE FIED ASSETS Intangible Fixed Assets Project Finance 9.550 15.397 Other Intangible Fixed Assets 67.485 56.478 77.035 71.875 BREAKDOWN OF TANGIBLE FIED ASSETS Tangible Fixed Assets Project Finance 443.821 323.877 Other Tangible Fixed Assets 293.560 314.396 737.381 638.273 BREAKDOWN OF LONGTERM INVESTMENTS Financial Fixed Assets Project Finance 55.721 60.462 Other Financial Fixed Assets 84.727 77.551 140.448 138.013

G6 V. CONSOLIDATED GROUP RESULTS CURRENT YEAR PREVIOUS YEAR Units: Thousands of Euros Amount % Amount % + Net Revenue (5) 1800 800.608 100,00% 798.989 100,00% + Other revenue (6) 1810 24.971 3,12% 25.067 3,14% +/ Variation in stocks, finished products and work in 1820 progress 31.497 3,93% 11.263 1,41% = TOTAL PRODUCTION VALUE 1830 857.076 107,05% 835.319 104,55% Net purchases 1840 393.784 49,19% 393.620 49,26% +/ Variation in goods for resale, raw materials and other 1850 consumables. 2.701 0,34% 15.030 1,88% External and operating expenses (7) 1860 232.386 29,03% 218.154 27,30% = ADJUSTED VALUE ADDED 1870 228.205 28,50% 208.515 26,10% +/ Other expenses and revenue (8) 1880 0 0,00% 0 0,00% Personnel expenses 1890 137.122 17,13% 118.912 14,88% = GROSS OPERATING PROFIT 1900 91.083 11,38% 89.603 11,21% Period depreciation and amortisation 1910 34.546 4,31% 35.854 4,49% Provision to the reversion reserves 1915 0 0,00% 0 0,00% +/ Variation in current asset provisions (9) 1920 18 0,00% 80 0,01% = NET OPERATING PROFIT 1930 56.519 7,06% 53.669 6,72% + Revenues from financial investments 1940 23.002 2,87% 27.273 3,41% Interest charges 1950 32.290 4,03% 33.112 4,14% + Interest and capitalised exchange gains/losses 1960 0 0,00% 0 0,00% +/ Period depreciation and Financial investment 1970 provisions (10) 4.201 0,52% 7.586 0,95% +/ Translation gains/losses (18) 1980 0 0,00% 0 0,00% +/ Profit from holdings in companies consolidated by 1990 equity method 1.844 0,23% 1.229 0,15% Consolidated goodwill amortisation 2000 9.453 1,18% 9.472 1,19% + Reversal of consolidation losses 2010 0 0,00% 0 0,00% = PROFIT ON ORDINARY ACTIVITIES 2020 35.421 4,42% 32.001 4,01% +/ Loss on intangible assets, tangible fixed assets and 2021 control portfolio (11) 241 0,03% 345 0,04% +/ Variation in provisions for intangible assets, tangible 2023 fixed assets and control portfolio (12) 43 0,01% 259 0,03% + 2025 0 0,00% 0 0,00% Profit/loss on transactions with treasury stock and own debentures (13)

+/ Prior years' income (loss) (14) 2026 0 0,00% 0 0,00% +/ Other extraordinary profit (15) 2030 4.543 0,57% 802 0,10% = CONSOLIDATED PROFIT BEFORE TAES 2040 31.076 3,88% 32.199 4,03% +/ Corporate income tax 2042 7.765 0,97% 9.602 1,20% = CONSOLIDATED PROFIT FOR THE YEAR 2044 23.311 2,91% 22.597 2,83% +/ = Loss attributable to external shareholders 2050 PROFIT FOR THE YEAR ATTRIBUTABLE TO THE CONTROLLING COMPANY 2060 1.466 0,18% 944 0,12% 21.845 2,73% 21.653 2,71%

G7 VI. BREAKDOWN OF NET REVENUES BY ACTIVITY INDIVIDUAL CONSOLIDATED ACTIVITY Current yr. Previous yr. Current yr. Previous yr. Bioenergy 2100 0 0 153.200 159.198 Environmental services 2105 0 0 166.442 188.797 Information technology 2110 0 0 136.848 139.998 Engineering and construction 2115 0 0 344.118 310.996 2120 2125 2130 2135 2140 Started project pending certification (*) 2145 Total Net Revenue 2150 0 0 800.608 798.989 Domestic market 2160 0 0 496.377 492.166 Exports: European Union 2170 0 0 32.024 29.681 OECD countries 2173 0 0 168.128 195.430 Other countries 2175 0 0 104.079 81.712 (*) To be completed only by construction companies VII. AVERAGE NUMBER OF PERSONNEL EMPLOYED DURING THE PERIOD INDIVIDUAL CONSOLIDATED Current yr. Previous yr. Current yr. Previous yr. TOTAL PERSONNEL EMPLOYED 3000 39 39 8.770 8.714

G7b VIII. BUSINESS PERFORMANCE (The information to be included within this section, in addition to complying with that specified in the instructions for the completion of this halfyearly information, must expressly detail the following aspects: variations in revenues and the costs attached to those revenues; breakdown and analysis of the principal transactions that have occurred in obtaining extraordinary results; comments on the most relevant investment and divestment transactions, explaining their effect on the company's working capital and in particular on the funding relating to it; sufficient explanation of the nature and effects of the parties that may have produced a significant variation in revenues or on the company's results, during the current six month period in relation to the corresponding figures reported for the previous six months). Please find enclosed the document Business Performance

G8 I. DIVIDENDS DISTRIBUTED DURING THE PERIOD: (All dividends effectively paid since the beginning of the economic year must be stated). % Nominal Euros per share (x,xx) Amount (thousands of Euros) 1. Ordinary shares 3100 56,0 0,14 12.665.755 2. Preference shares 3110 0,0 0,0 0 3. Nonvoting shares 3120 0,0 0,0 0 Additional information on dividend distribution (payment details, supplementary dividends, etc.) Annex on the following sheet (G8b). RELEVANT FACTS (*) 1. Acquisitions or transfers of shareholdings in the capital of listed companies subject to reporting responsibilities specified under article 53 of the Securities Market Act (LMV) (5 for 100 and multiples thereof) 3200 YES NO 2. Treasury stock acquisitions subject to the reporting responsibilities under additional provision 1 of the Corporations Law (LSA) (1 for 100). 3210 3. Other significant increases or decreases in fixed assets (shareholdings greater than 10% in nonlisted companies, relevant significant investments or divestments, etc.). 3220 4. Increases or decreases in the company's capital or of the nominal share value. 3230 5. Loans issued, repaid or cancelled 3240 6. Changes to the directors or the board of directors. 3250 7. Amendments to company bylaws. 3260 8. Restructurings, mergers or divisions. 3270 9. Changes to the sector's institutional regulation with significant impact on the economic or financial situation of the company or group. 10. Lawsuits, litigation or disputes that may significantly impact the company or group's equity. 3280 3290 11. Insolvency situations, payment suspensions, etc. 3310 12. Special agreements of restriction, suspension or cancellation, total or partial, of the economic or statutory rights of the company's shares. 13. Strategic agreements with national or international groups (exchange stock offers, etc.). 3320 3330

14. Other important facts. 3340 (*) For affirmative responses, mark the corresponding box with an "", attaching an explanatory annex in which the dates on which the data was communicated to the CNMV and the SRBV are specified.

G8b Additional information on the distribution of dividends (payment details, supplementary dividends, etc.) The Shareholders General Meeting held on June 27, 2004, agreed the distribution of dividends corresponding year 2003 against results of the year, in an amount of 0,14 per share (gross), payment made on July 6, 2004 by Bancoval, S.A.

G9 I. EPLANATORY ANNE RELEVANT FACTS A) Relevant facts included in the period 1. Relevant Events Reported to the CNMV Details of the Relevant Events during the First Six Months of 2004 Written Communication of 06.02.2004, (number 47393). The Company reported the appointment of Mr. José Luis Méndez López as a company director, through the cooptation procedure, in representation of Corporación Caixa Galicia, S.A.U. Likewise, it notified the fact that the Audit Committee is formed by Mr. José Luis Méndez López (in representation of the aforementioned) as Chairman, and by Mr. José Joaquín Abaurre Llorente and Mr. José B. Terceiro Lomba as members, and the Appointments and Remuneration Committee is formed by Mr. Ignacio de Polanco Moreno as Chairman, and by Mr. José Luis Aya Abaurre and Mr. José B. Terceiro Lomba as members, in accordance with the resolutions adopted by the Board of Directors on the 28 th January 2004. Written Communication of 09.02.2004 (number 47401). The Company forwarded the Annual Corporate Governance Report for the 2003 financial year, approved by the Board of Directors on January 28 th 2004. Written Communication of 01.03.2004 (number 47941). The Company forwarded the periodic public information for the Second Six Months of 2003. Written Communication of 04.03.2004 (number 15972). Presentation of the Company to Analistas 2004. Written Communication of 16.03.2004 (number16032). The Company reported that the Regional Government of Andalusia had awarded Telvent the multiyear contract for the Critical Services Backup and Continuity Center for the different Andalusian Public Administration Departments, under the Regional Government of Andalusia s coordination strategy policy for data processing security. Telvent will use the stateofthe

art technology center in Seville, which has been developed through a collaboration agreement with fera Móviles, S.A. Written Communication of 04.27.2004 (number 8129). Forwarding of the certified Annual Accounts, the Management Report and the Auditor s Report, individual and consolidated for the 2003 financial year. Written Communication of 05.11.2004 (number 39.569) The Company reported on Telvent Git, S.A. having initiated the application procedure for its listing on the North American stock exchange NASDAQ. Written Communication of 05.07.2004 (number 49.595) Notification of the appointment of Abengoa, S.A s Consolidation and Audit Manager. Written Communication of 05.17.04 (number 16.368) The Company forwarded the rectification article published by Cinco Días, in relation to the information it had published on 05.14.2004. Written Communication of 06.08.2004 (number 50.462) Notice of the calling of the Ordinary Shareholders Meeting of Abengoa, S.A. and the resolutions to be submitted thereto. Written Communication of 06.30.2004 (number 50.898) Forwarding of the resolutions adopted by the General Shareholders Meeting of Abengoa, S.A., held on 06.27.2004. Written Communication of 06.30.2004 (number 16.570) Details of the resolution passed regarding the distribution of the dividend for the 2003 financial year.

G10 II. Special Auditors Report. (This section must only include the information relating to the first six months of the year following its completion and audit, and will apply to those issuing companies that, in accordance with that specified in section thirteen of the Ministerial Order of January 18, 1991, are obliged to present a special report of their accounts' auditors, when the audit report of the annual accounts of the year immediately preceding, would have rejected the report's opinion or would have contained an adverse opinion or an opinion with reservations. This will include and make reference to, the aforementioned special report of the accounts' auditors, attached as an annex to the halfyearly information, as well as a copy of the information or complaints stated or made by the Directors of the company relating to the updated situation of the auditor's reservations included in his audit report of the previous year's annual accounts and that, in accordance with the applicable technical audit regulations, would have served as a basis for the drafting of the aforementioned special report).

G11 INSTRUCTIONS FOR COMPLETING THE HALFYEARLY REPORT (GENERAL) The numerical data requested, except as indicated to the contrary, must be expressed in thousands of Euros, without decimal places, tabulated and rounded. Negative values must be shown with a minus sign () before the corresponding number. The figure from the corresponding period from the previous year must be displayed next to each number expressed, except where indicated to the contrary The information to be included under the Business Performance section must allow investors to form an opinion, with knowledge of sufficient cause, about the activity carried out by the company and the results obtained during the period covered by the balance sheet, as well as the financial situation and other essential data relating to the general handling of company affairs. Definitions: (1) The distinct captions that comprise Fixed Assets will be presented net of accumulated depreciation and provisions. (2) Deferred Charges will comprise debt arrangement expenses (expenses from issuing and modifying fixed income securities and debt arrangement, among which expenses for registration, taxes, origination and other similar items are included), deferred interest expenses from marketable securities (the difference between the redemption amount and the issue price of fixed income securities and similar liabilities) and the deferred interest charges (difference between the redemption amount and the amount received in fixed income securities different to those represented). Companies from the electricity sector will also include under this caption, their own accrual accounts for their sector. (3) Deferred Revenues will comprise capital subsidies, exchange gains, deferred interest revenues (interest compounded into the nominal for loans provided under normal operations, whose inclusion in the results must be carried out in future years) and other revenues to be recorded in other years. (4) The part of long term debt that has a maturity of less than 12 months must be restated under the corresponding caption in Current Liabilities. (5) Net Revenues will comprise amounts from the sale of products and services provided relating to the company's ordinary activities with discounts and other reductions on sales, as well as the VAT and other taxes directly related to the aforementioned Revenue figure, all deducted. (6) Noncore operating revenue, work carried out by the company on fixed assets (except interest and capitalised exchange gains/losses) and operating subsidies (not including capital subsidies transferred to the period s profit/loss) are all included under the Other Revenue caption.

(7) The following are included under the Operating and External Expenses Caption: * Work carried out by other companies, external services (leases, repairs, transport, insurance, energy, etc.) taxes (except tax on profits), and other management expenses. * Provisions for contingencies and operating expenses (significant repairs, etc. excluding provisions for pensions and similar obligations that must be stated under Personnel Expenses). (8) Other Expenses and Revenues will comprise the profits or losses which relate to nonmanagerial participants in transactions regulated by articles 239 and 243 of the Código de Comercio (Business code) and in other transactions of similar characteristics. (9) Variation in the Working Capital Provisions will comprise those provisions carried out during the period, less overstatement and release of provisions destined to make corrections in values for reversible depreciation in stocks, clients and accounts receivable. Likewise it will include loan losses on client and accounts receivable companies. (10) Provisions for Period Amortisation and Depreciation and Financial Investment will comprise the provisions made during the period, less overstatement and release of provisions destined to make corrections in values for reversible depreciation on transferable securities (except those that correspond to shareholdings in the capital of group or associated companies) and other marketable securities and on short and long term nontrade loans. (11) Profits or Losses on Intangible Assets, Tangible Fixed Assets and Control Portfolio will comprise profits or losses from disposals of intangible assets or tangible fixed assets and longterm shareholdings in group, multigroup or associated companies, or for the total or partial reduction in stocks as a result of losses from irreversible depreciation in these assets. (12) Variation in Provisions for Intangible Assets, Tangible Fixed Assets and Control Portfolio will comprise provisions carried out in the period, less overstatement and release of provisions destined to make corrections in values for reversible depreciation on intangible and tangible fixed assets as well as in longterm shareholdings in group or associated companies. (13) Profits or losses on Transactions with Treasury Stock or Own Debentures will comprise profits or losses arising from the amortisation of debentures or from the disposal of shares and debentures issued by the company. (14) Prior Years' Income (loss) will comprise the relevant profits or losses corresponding to previous years and that due to their relative importance may not be recorded due to their characteristics. (15) Other Extraordinary Profits/losses will comprise: * The amount of capital subsidies transferred to profit or loss for the period.

* Extraordinary revenues and expenses of significant amount, which are not considered recurrent on assessing the company's future results. (16) Consolidated Companies Reserves will include both those corresponding to companies consolidated by full and proportional consolidation, as well as those corresponding to companies consolidated by the equity method. (17) and (18) The captions of Translation Differences and Translation Gains/Losses (only used in consolidation) will include the translation gains/losses that arise from the conversion of balances in foreign currencies from consolidated companies (both for full and proportional consolidation and the equity method). (19) Variation in Companies that comprise the Consolidated Group: This will exclusively include those companies that, in relation to the previous year's closed consolidated annual accounts, would have been actively included or excluded from the consolidation process.